Los Angeles CA, September 29 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Friday as investors rebuild Gold positions on price dip. Gold is down 0.09 percent to $1,285.50 an ounce after gaining $4.30 on Thursday to close at $1,286.70 an ounce.

Silver is down 0.36 percent to $16.78 an ounce after adding $0.12 on Thursday to close at $16.84. The Gold/Silver ratio fell to 76.41. Platinum is down 0.76 percent to $916.00 an ounce. Palladium is up 0.54 percent to $928.00 an ounce and holding above Platinum.

Gold eased slightly in early trading Friday after reports that personal incomes rose 0.2-percent in August, which was within expectations.

Core PCE, the Fed’s preferred measure of inflation, plunged to 1.29 percent y/y, a two-year low. The Fed has a target rate of 2 percent. Today’s PCE data may have the Fed re-thinking its planned rate hike in December.

Markets have already dropped the probability of a December rate hike, from 76-percent before the report to 71-percent afterward. Philly Fed President Patrick Harker said that he has “penciled in” an interest rate hike in December.

Further Downside In Gold Limited

Any further downside in Gold will likely be limited, according to Jens Pedersen, senior analyst at Danske Bank in Copenhagen. “You have these looming geopolitical tensions around North Korea, Iran that can flare up any time. That’s an argument against selling Gold lower,” said Pedersen.

Meanwhile, “Futures and options traders may be running scared of the [Federal Reserve’s] sudden claim of getting sober and preparing to raise rates, but private investors in physical Gold don’t believe it,” said Adrian Ash, head of research at BullionVault.

“They’re using this price drop to rebuild positions after taking profits over the summer,” said Ash.

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